
<table style="text-align:center"><tr><td colspan="3" style="border-bottom: 1px solid black"></td></tr><tr><td style="text-align:left"></td><td colspan="2">Repression image management strategies</td></tr>
<tr><td></td><td colspan="2" style="border-bottom: 1px solid black"></td></tr>
<tr><td style="text-align:left"></td><td>Threat</td><td>Benevolent rule</td></tr>
<tr><td style="text-align:left"></td><td>(1)</td><td>(2)</td></tr>
<tr><td colspan="3" style="border-bottom: 1px solid black"></td></tr><tr><td style="text-align:left">Civil war</td><td>1.28<sup>***</sup></td><td>2.24<sup>***</sup></td></tr>
<tr><td style="text-align:left"></td><td>(0.39)</td><td>(0.31)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">Muslim-majority</td><td>-0.17</td><td>0.76<sup>***</sup></td></tr>
<tr><td style="text-align:left"></td><td>(0.28)</td><td>(0.24)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">Electoral democracy</td><td>-0.42</td><td>0.61<sup>**</sup></td></tr>
<tr><td style="text-align:left"></td><td>(0.32)</td><td>(0.27)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">Log(GDP p.c.)</td><td>0.17</td><td>0.11</td></tr>
<tr><td style="text-align:left"></td><td>(0.12)</td><td>(0.09)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">UN voting with China</td><td>-2.05<sup>**</sup></td><td>-2.00<sup>***</sup></td></tr>
<tr><td style="text-align:left"></td><td>(0.81)</td><td>(0.64)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">Log(Trade share with China)</td><td>0.01</td><td>0.03</td></tr>
<tr><td style="text-align:left"></td><td>(0.17)</td><td>(0.12)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">Log(N. of followers)</td><td>-0.08</td><td>-0.10<sup>*</sup></td></tr>
<tr><td style="text-align:left"></td><td>(0.09)</td><td>(0.06)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">Log(N. of tweets)</td><td>0.87<sup>***</sup></td><td>1.26<sup>***</sup></td></tr>
<tr><td style="text-align:left"></td><td>(0.16)</td><td>(0.13)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">Log(N. of friends)</td><td>-0.55<sup>***</sup></td><td>-0.73<sup>***</sup></td></tr>
<tr><td style="text-align:left"></td><td>(0.12)</td><td>(0.10)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">N. of tweets about Xinjiang</td><td>0.0000<sup>***</sup></td><td>0.0000<sup>***</sup></td></tr>
<tr><td style="text-align:left"></td><td>(0.0000)</td><td>(0.0000)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2014-06</td><td>-5.25</td><td>-6.49</td></tr>
<tr><td style="text-align:left"></td><td>(16,343,522.00)</td><td>(1,762,490.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2014-07</td><td>-5.23</td><td>-6.47</td></tr>
<tr><td style="text-align:left"></td><td>(15,664,768.00)</td><td>(1,004,184.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2014-08</td><td>-5.23</td><td>-6.47</td></tr>
<tr><td style="text-align:left"></td><td>(24,122,871.00)</td><td>(1,047,075.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2014-09</td><td>-5.23</td><td>-6.47</td></tr>
<tr><td style="text-align:left"></td><td>(19,998,293.00)</td><td>(2,197,441.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2014-10</td><td>-5.93</td><td>-7.27</td></tr>
<tr><td style="text-align:left"></td><td>(15,864,282.00)</td><td>(2,551,572.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2014-11</td><td>-5.97</td><td>-7.33</td></tr>
<tr><td style="text-align:left"></td><td>(14,869,758.00)</td><td>(2,056,650.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2014-12</td><td>-5.97</td><td>-7.32</td></tr>
<tr><td style="text-align:left"></td><td>(20,714,348.00)</td><td>(1,130,970.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2015-01</td><td>30.12</td><td>-7.26</td></tr>
<tr><td style="text-align:left"></td><td>(15,935,739.00)</td><td>(2,235,607.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2015-02</td><td>-5.87</td><td>-7.22</td></tr>
<tr><td style="text-align:left"></td><td>(14,261,910.00)</td><td>(1,739,298.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2015-03</td><td>-5.95</td><td>-7.33</td></tr>
<tr><td style="text-align:left"></td><td>(19,157,519.00)</td><td>(2,020,128.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2015-04</td><td>-5.93</td><td>-7.30</td></tr>
<tr><td style="text-align:left"></td><td>(12,657,011.00)</td><td>(818,536.20)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2015-05</td><td>-5.90</td><td>-7.26</td></tr>
<tr><td style="text-align:left"></td><td>(16,675,865.00)</td><td>(2,959,861.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2015-06</td><td>-5.89</td><td>-7.24</td></tr>
<tr><td style="text-align:left"></td><td>(15,576,955.00)</td><td>(1,644,291.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2015-07</td><td>-5.90</td><td>-7.26</td></tr>
<tr><td style="text-align:left"></td><td>(14,284,238.00)</td><td>(2,697,898.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2015-08</td><td>-5.89</td><td>-7.25</td></tr>
<tr><td style="text-align:left"></td><td>(10,492,741.00)</td><td>(2,827,725.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2015-09</td><td>-5.93</td><td>-7.31</td></tr>
<tr><td style="text-align:left"></td><td>(5,983,578.00)</td><td>(1,522,476.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2015-10</td><td>-5.88</td><td>-7.24</td></tr>
<tr><td style="text-align:left"></td><td>(19,249,153.00)</td><td>(908,657.50)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2015-11</td><td>-5.90</td><td>-7.27</td></tr>
<tr><td style="text-align:left"></td><td>(18,377,901.00)</td><td>(1,353,019.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2015-12</td><td>-5.88</td><td>-7.23</td></tr>
<tr><td style="text-align:left"></td><td>(16,203,890.00)</td><td>(2,331,192.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2016-01</td><td>-5.79</td><td>-7.15</td></tr>
<tr><td style="text-align:left"></td><td>(22,292,365.00)</td><td>(2,536,275.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2016-02</td><td>-5.78</td><td>-7.12</td></tr>
<tr><td style="text-align:left"></td><td>(20,283,103.00)</td><td>(2,736,503.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2016-03</td><td>-5.81</td><td>-7.16</td></tr>
<tr><td style="text-align:left"></td><td>(18,232,570.00)</td><td>(2,389,965.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2016-04</td><td>-5.80</td><td>-7.16</td></tr>
<tr><td style="text-align:left"></td><td>(15,585,847.00)</td><td>(1,960,625.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2016-05</td><td>-5.79</td><td>-7.14</td></tr>
<tr><td style="text-align:left"></td><td>(21,065,879.00)</td><td>(1,811,720.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2016-06</td><td>-5.80</td><td>-7.15</td></tr>
<tr><td style="text-align:left"></td><td>(21,832,019.00)</td><td>(1,957,170.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2016-07</td><td>-5.79</td><td>-7.14</td></tr>
<tr><td style="text-align:left"></td><td>(22,784,785.00)</td><td>(1,251,687.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2016-08</td><td>-5.80</td><td>-7.15</td></tr>
<tr><td style="text-align:left"></td><td>(23,064,022.00)</td><td>(2,431,374.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2016-09</td><td>-5.79</td><td>-7.14</td></tr>
<tr><td style="text-align:left"></td><td>(18,142,676.00)</td><td>(2,154,678.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2016-10</td><td>-5.79</td><td>-7.14</td></tr>
<tr><td style="text-align:left"></td><td>(23,152,164.00)</td><td>(2,524,909.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2016-11</td><td>-5.80</td><td>-7.16</td></tr>
<tr><td style="text-align:left"></td><td>(21,217,925.00)</td><td>(2,196,671.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2016-12</td><td>-5.81</td><td>-7.17</td></tr>
<tr><td style="text-align:left"></td><td>(23,021,329.00)</td><td>(1,209,058.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2017-01</td><td>-5.77</td><td>-7.12</td></tr>
<tr><td style="text-align:left"></td><td>(16,039,737.00)</td><td>(2,383,585.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2017-02</td><td>-5.91</td><td>-7.19</td></tr>
<tr><td style="text-align:left"></td><td>(22,953,821.00)</td><td>(2,490,500.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2017-03</td><td>-5.91</td><td>-7.19</td></tr>
<tr><td style="text-align:left"></td><td>(22,695,216.00)</td><td>(1,173,552.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2017-04</td><td>-5.90</td><td>-7.17</td></tr>
<tr><td style="text-align:left"></td><td>(15,943,563.00)</td><td>(1,836,762.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2017-05</td><td>-5.78</td><td>-7.03</td></tr>
<tr><td style="text-align:left"></td><td>(21,374,075.00)</td><td>(1,187,882.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2017-06</td><td>-5.78</td><td>-7.03</td></tr>
<tr><td style="text-align:left"></td><td>(26,060,552.00)</td><td>(329,063.90)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2017-07</td><td>-5.81</td><td>-7.06</td></tr>
<tr><td style="text-align:left"></td><td>(20,531,602.00)</td><td>(1,292,911.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2017-08</td><td>-5.81</td><td>-7.06</td></tr>
<tr><td style="text-align:left"></td><td>(19,891,309.00)</td><td>(2,465,922.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2017-09</td><td>-5.81</td><td>-7.06</td></tr>
<tr><td style="text-align:left"></td><td>(20,063,315.00)</td><td>(2,546,262.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2017-10</td><td>-5.80</td><td>-7.05</td></tr>
<tr><td style="text-align:left"></td><td>(18,251,559.00)</td><td>(334,166.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2017-11</td><td>-5.79</td><td>-7.03</td></tr>
<tr><td style="text-align:left"></td><td>(21,876,399.00)</td><td>(2,059,116.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2017-12</td><td>-5.78</td><td>-7.05</td></tr>
<tr><td style="text-align:left"></td><td>(20,324,731.00)</td><td>(1,893,905.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2018-01</td><td>-5.86</td><td>-7.13</td></tr>
<tr><td style="text-align:left"></td><td>(9,733,728.00)</td><td>(2,885,180.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2018-02</td><td>-5.86</td><td>-7.05</td></tr>
<tr><td style="text-align:left"></td><td>(15,062,327.00)</td><td>(2,313,708.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2018-03</td><td>-5.88</td><td>-7.08</td></tr>
<tr><td style="text-align:left"></td><td>(3,777,751.00)</td><td>(1,263,794.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2018-04</td><td>-5.79</td><td>-7.06</td></tr>
<tr><td style="text-align:left"></td><td>(12,638,387.00)</td><td>(2,585,168.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2018-05</td><td>-5.81</td><td>-7.09</td></tr>
<tr><td style="text-align:left"></td><td>(19,185,705.00)</td><td>(2,506,076.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2018-06</td><td>-5.75</td><td>-7.13</td></tr>
<tr><td style="text-align:left"></td><td>(13,101,327.00)</td><td>(2,617,041.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2018-07</td><td>-5.94</td><td>27.12</td></tr>
<tr><td style="text-align:left"></td><td>(15,164,091.00)</td><td>(2,057,472.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2018-08</td><td>-6.00</td><td>-7.50</td></tr>
<tr><td style="text-align:left"></td><td>(16,360,469.00)</td><td>(2,527,588.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2018-09</td><td>-6.11</td><td>-7.55</td></tr>
<tr><td style="text-align:left"></td><td>(16,696,624.00)</td><td>(2,518,199.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2018-10</td><td>29.33</td><td>28.77</td></tr>
<tr><td style="text-align:left"></td><td>(12,254,321.00)</td><td>(1,893,012.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2018-11</td><td>28.57</td><td>27.56</td></tr>
<tr><td style="text-align:left"></td><td>(12,974,864.00)</td><td>(2,082,808.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2018-12</td><td>-5.92</td><td>27.61</td></tr>
<tr><td style="text-align:left"></td><td>(18,341,676.00)</td><td>(1,987,196.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2019-01</td><td>28.55</td><td>28.80</td></tr>
<tr><td style="text-align:left"></td><td>(20,356,066.00)</td><td>(1,615,223.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2019-02</td><td>28.71</td><td>28.07</td></tr>
<tr><td style="text-align:left"></td><td>(17,776,213.00)</td><td>(1,569,535.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2019-03</td><td>29.62</td><td>28.40</td></tr>
<tr><td style="text-align:left"></td><td>(15,934,870.00)</td><td>(1,623,581.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2019-04</td><td>-5.61</td><td>-6.87</td></tr>
<tr><td style="text-align:left"></td><td>(16,860,956.00)</td><td>(1,762,490.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2019-05</td><td>-5.32</td><td>-6.49</td></tr>
<tr><td style="text-align:left"></td><td>(13,689,871.00)</td><td>(2,606,677.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2019-06</td><td>28.68</td><td>28.92</td></tr>
<tr><td style="text-align:left"></td><td>(20,187,240.00)</td><td>(2,086,055.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2019-07</td><td>29.50</td><td>28.35</td></tr>
<tr><td style="text-align:left"></td><td>(3,507,690.00)</td><td>(2,429,285.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2019-08</td><td>28.21</td><td>29.14</td></tr>
<tr><td style="text-align:left"></td><td>(14,652,930.00)</td><td>(2,263,436.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2019-09</td><td>30.15</td><td>28.33</td></tr>
<tr><td style="text-align:left"></td><td>(16,951,926.00)</td><td>(3,034,935.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2019-10</td><td>29.74</td><td>29.22</td></tr>
<tr><td style="text-align:left"></td><td>(17,569,232.00)</td><td>(2,163,298.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2019-11</td><td>30.20</td><td>28.79</td></tr>
<tr><td style="text-align:left"></td><td>(16,610,095.00)</td><td>(2,512,145.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2019-12</td><td>32.53</td><td>29.64</td></tr>
<tr><td style="text-align:left"></td><td>(20,959,055.00)</td><td>(2,897,468.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2020-01</td><td>30.20</td><td>29.58</td></tr>
<tr><td style="text-align:left"></td><td>(18,010,839.00)</td><td>(1,725,626.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2020-02</td><td>-5.25</td><td>26.40</td></tr>
<tr><td style="text-align:left"></td><td>(14,959,870.00)</td><td>(1,183,601.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2020-03</td><td>27.76</td><td>27.49</td></tr>
<tr><td style="text-align:left"></td><td>(15,590,291.00)</td><td>(2,637,007.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2020-04</td><td>27.21</td><td>27.86</td></tr>
<tr><td style="text-align:left"></td><td>(13,288,243.00)</td><td>(1,242,189.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2020-05</td><td>27.74</td><td>27.62</td></tr>
<tr><td style="text-align:left"></td><td>(19,905,932.00)</td><td>(1,724,645.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2020-06</td><td>31.07</td><td>29.57</td></tr>
<tr><td style="text-align:left"></td><td>(19,374,710.00)</td><td>(1,480,788.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2020-07</td><td>30.11</td><td>29.56</td></tr>
<tr><td style="text-align:left"></td><td>(18,498,137.00)</td><td>(946,952.60)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2020-08</td><td>29.64</td><td>29.72</td></tr>
<tr><td style="text-align:left"></td><td>(12,682,164.00)</td><td>(1,749,966.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2020-09</td><td>28.95</td><td>29.83</td></tr>
<tr><td style="text-align:left"></td><td>(11,941,656.00)</td><td>(2,717,269.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2020-10</td><td>29.97</td><td>29.71</td></tr>
<tr><td style="text-align:left"></td><td>(13,421,046.00)</td><td>(645,145.80)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2020-11</td><td>28.85</td><td>28.92</td></tr>
<tr><td style="text-align:left"></td><td>(19,092,315.00)</td><td>(1,724,645.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">factor(month)2020-12</td><td>27.16</td><td>29.28</td></tr>
<tr><td style="text-align:left"></td><td>(17,695,747.00)</td><td>(1,429,630.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td style="text-align:left">Constant</td><td>-34.20</td><td>-35.11</td></tr>
<tr><td style="text-align:left"></td><td>(10,312,932.00)</td><td>(1,408,167.00)</td></tr>
<tr><td style="text-align:left"></td><td></td><td></td></tr>
<tr><td colspan="3" style="border-bottom: 1px solid black"></td></tr><tr><td style="text-align:left">Month fixed-effects</td><td>Yes</td><td>Yes</td></tr>
<tr><td style="text-align:left">Observations</td><td>1,310</td><td>1,310</td></tr>
<tr><td style="text-align:left">Log Likelihood</td><td>-436.68</td><td>-694.15</td></tr>
<tr><td style="text-align:left">theta</td><td>1.29<sup>***</sup> (0.35)</td><td>1.08<sup>***</sup> (0.18)</td></tr>
<tr><td style="text-align:left">Akaike Inf. Crit.</td><td>1,053.36</td><td>1,568.30</td></tr>
<tr><td colspan="3" style="border-bottom: 1px solid black"></td></tr><tr><td style="text-align:left"><em>Note:</em></td><td colspan="2" style="text-align:right"><sup>*</sup>p<0.1; <sup>**</sup>p<0.05; <sup>***</sup>p<0.01</td></tr>
</table>
